In the last 24 hours, Ethereum (ETH) has shown a significant increase of 5.42%, trading near the local resistance level of $2,442.
Current ETH Price Analysis
On the hourly chart, the price of ETH is trading near the local resistance of $2,442. If it breaks out, the accumulated energy might be enough for a test of the $2,500 area soon.
Daily Forecast
On the daily time frame, the rate of the main altcoin keeps rising after yesterday's bullish closure. If bulls can hold the gained initiative, there is a possibility of seeing a blast to the $2,600 zone until the end of the month.
Midterm Forecast
From the midterm point of view, it is too early to make any long-term predictions, as the price of ETH does not have enough energy for prolonged growth. Ongoing sideways trading in the area of $2,300-$2,600 is the most likely scenario.
Currently, Ethereum is trading at $2,432. The market situation remains dynamic, and traders should closely monitor support and resistance levels.
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